March 21, 2022 | Bitscape Team, Technology
The Financial Industry has seen massive leaps and bounces over the past decade. Be it the Technology Adoption or other prospect of Change Management, banking, and financial institutions witnessed a 360-degree change regarding operational structure, customer reach, and consumer satisfaction.
The rise in the IT industry and the easy availability of Change Management Consulting Services are the two major reasons for the substantial growth of banking services. Gone are the days when you had to wait in a long queue for cash withdrawal and deposit. Today, the easy accessibility of the website and mobile application have marked down a major difference in service deployment of the banking sector that formulates a relentless change on a visible note.
Over a decade, there has been a thrust of reluctancy in the banking system for adopting a technology change and delivery of services. To meet the modern requirement and demands of the customers, there is no other option but to embrace the cloud framework and other IT solutions for banking Industry.
As a result, major financial institutions have to show a great response to digital reinforcement and technology innovation. The incorporation of the Cloud ecosystem, Business Intelligence, Artificial Intelligence, Machine Learning, and Big Data has built a customer-centric approach, allowing them to transform their operational structure, sale pattern, and consumer satisfaction.
Consequently, development turned into the main way out for Financial Industry!
With the usage of colossal IT resources and trending technologies of the recent market, Banking and Financial Industries is exhibiting drastic change over time. Among the long list of technical empowerments, let’s analyze the prominent ones that are altering the face of the Banking Industry.
Robotic Process Automation (RPA): When technologies like RPA integrate with such a large volume of data generated by the operational banking system, you get the area of opportunity to fetch the predictive and actionable insights that would allow you to understand the approach and behavior of the customers.
On top of that, robotic chatbots driven by Artificial Intelligence are handling repetitive tasks, eventually reducing the need for human intervention. This will allow the bankers to streamline and restructure their operations for better and exponential growth.
Data Analytics: Analysis is the only way out to evaluate what’s the customers actually looking for? Which aspect of service delivery needs change, and which expertise has to be incorporated to initiate the change?
Today, modern data analysis tools help you determine the requirements mentioned above. Thus, technology adoption is the major technology that can change the face of financial institutions.
Cyber Security: The vulnerable information stored in the cloud infrastructure of banks and financial institutions is an open feast for cybercriminals and malicious attackers. Hence, when it comes to technology innovation, cyber security adoption is the one-stop solution that delivers modern analysis, real-time supervision, biometrics, and contemporary software analysis of the system to protect your valuable data.
Cloud Computing: The banking sector’s past operational structure has witnessed enough data storage in local hard drives and data centres. Today, cloud computing services have proved to be the most feasible source to store, process, access, and share information. Thus, the cloud computing ecosystem is one of the leading innovation metrics in banks and financial institutions.
Artificial Intelligence: What could be better if machine starts performing with the power of Artificial Intelligence. More is the precise handling of data and information; service deployment, sale reach, and customer satisfaction will be better.
Augmented Reality: Augmented reality is another technology that has revolutionized the banking sector to a great extent. Today, western banks are viably relying on AR to innovate their working pattern and protection against unauthorized transactions.
“More than ever, every financial service organization will need to build its own digital capability to meet both evolving customer demands and changing employee expectations,” said Satya Nadella, Chairman and CEO of Microsoft. “As U.S. Bank’s primary cloud provider, we will apply the power of Azure to help the company adapt and build new, secure experiences for customers and employees in the era ahead.”
Being the most preferred Gold Partner of Microsoft, Bitscape has been chosen by countless banks and financial institutions to leverage their operational expertise, including giant clients like US Bank.
So, get ready to empower your banking sector with the technology-driven innovation of Bitscape!